Lenders offering ‘irresponsible’ super-size mortgages

Lenders offering ‘irresponsible’ super-size mortgages

As Britain’s house prices continue to soar it has emerged that some lenders are offering mortgages for up to six times buyers’ salaries – a level branded ‘irresponsible’ and ‘alarming’ just before the housing crash of 2008. Top financial journalist Louise Eccles said: “First-time buyers are saddling themselves with record levels of debt as banks …

Equity release now topping £10 million a day

equity release tops £10 million a day

The boom in equity release is now topping £10 million a day across the UK. Figures from the Equity Release Council show that the amount of housing wealth being withdrawn has more than doubled in just two years.  In 2016 the daily figure was just £4.2 million a day.

Do you have a shortfall on your interest-only mortgage?

Interest-only problems

Britain’s financial regulator is getting worried that ‘significant numbers’ of people with interest-only mortgages are in danger of losing their homes. The Financial Conduct Authority (FCA) says many borrowers face a shortfall on what they owe and some are even avoiding talking to their lender because they ‘didn’t want to confront the situation.’

It’s cheaper to buy than rent – official

New figures from Halifax show it’s now even cheaper to buy your own home instead of renting. The UK’s biggest mortgage provider said it is almost £1,000 a year cheaper to buy than to rent the equivalent home – but that’s always providing you can afford to raise the deposit.